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College Student Eligibility for Child Tax Credit: Don’t Miss Your $500 Payment Next Month

·2 min read
XiXinXing / iStock.com
XiXinXing / iStock.com

The payments from the Child Tax Credit portion of the American Rescue Plan will start hitting bank accounts in the next month.

See: Child Tax Benefits Will Start Hitting Accounts July 15
Find: You May Want to Opt Out of Monthly Child Tax Credit Payments – Here’s Why

The credit is largely for parents with children under 6 years of age, as they are the only eligible group for the full benefit amount of $3,600. This does not mean, however, that only parents of younger children will be eligible for all of the benefits entirely.

The Child Tax Credit will provide a one-time payment of up to $500 for 18-year-olds and those aged 19-24 who are full-time college students. For example, if you have two children who are both in college, you could receive up to an extra $1,000 in child tax credit benefit. During a year when expenses were tight for almost all American households, every bit counts.

More: Child Tax Credit Payment Schedule Is Out Now – Here’s When You’ll Get Your Money

If your adjusted gross income is $75,000 or less as a single filer, $112,500 as a head of household or $150,000 filing jointly, you will get the full $500 for each eligible child who is a college student. If your income is higher than the income threshold, your payments will begin to phase out and decrease by $50 for every $1,000 of income over the threshold. These thresholds apply for each age group and for each varying benefit amount.

If you do not normally file a tax return, or claim “non-filer” status, you can still receive these benefits. The IRS has set up specific portals for these individuals to input their information and register for child tax credit availability. This specific portal is said to be up and running by the end of this week or next. The portals can be found here.

Related: New Details Are Here On The Child Tax Credit Portals – This is Why You Need to Use Them
Discover: Your 2021 Baby Makes You Eligible for the Child Tax Credit

Those who are eligible will not need to do anything further in order to receive their child tax credit benefit.

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Last updated: June 15, 2021

This article originally appeared on GOBankingRates.com: College Student Eligibility for Child Tax Credit: Don’t Miss Your $500 Payment Next Month